Whether you’re planning a full kitchen remodel or are just upgrading kitchen appliances, we have some tips to help you through the process of upgrading your appliances. With all of the advances in technology, new appliances are more energy-efficient than ever. Upgrading to newer more energy-efficient models may not only make your kitchen look great, but they may also save you money on your energy bill. Many appliances are also “smart”, or Wi-Fi enabled, which enables you to monitor and control them from afar, use your voice to control, and much more. Imagine sitting in your living room and telling Google to lower the oven by 25 degrees without even moving. Who wouldn’t love that?
Should I repair or replace my existing appliances?
A good rule of thumb for upgrading kitchen appliances rather than repairing is the 50/50 rule. If an appliance is more than halfway through its lifespan and the repair is costly, it may make more financial sense to replace it. This goes for almost any appliance. If your old refrigerator is not keeping food as cold as it should, your oven is not heating up adequately, or your dishwasher is leaking, it may be time for an upgrade.
Don’t break the bank, establish a kitchen appliance budget
The cost of remodeling a kitchen can range from $10,000 to $50,000 depending on the extent of the planned upgrades. It’s important to make a budget and stick to it, aligning your needs with the overall budget. Your kitchen appliance upgrade needs to fit into your remodel budget. Appliances can swing through a pretty significant price range. Consider all of the appliances you’d like to upgrade. Price will be a big factor in determining your upgrades.
Compare brands & models when upgrading kitchen appliances
Consumer Reports is a great online resource for kitchen appliance reviews, ratings, and buying advice. You can also do a Google search for reviews of major brands. You’ll find thousands of consumer reviews on different appliances from any major brand, from Maytag and Whirlpool to GE, Frigidaire, Hotpoint, and more. Research and reviews will help you find a quality brand you can count on. The size of your kitchen and space available will be a big determining factor in the size and style of appliances you purchase. Be extremely careful with measurements. Nothing like having a refrigerator delivered that won’t fit into your kitchen space.
Consider the savings of greater energy efficiency
When shopping for an appliance, the price tag is not everything. Energy efficiency can mean so much in cost savings for years to come. Energystar.gov is a great resource for comparing the energy efficiency of various appliances, from dishwashers to refrigerators. It’s also a great tool for finding ways to save now in your home. The Energy Star label on a product means it’s energy-efficient.
Shop smart & negotiate
Major appliance sellers, such as Lowe’s, Home Depot, Best Buy, and others will often match or beat competitor pricing on the same appliances. Buying a floor model, an open box or an appliance with a slight imperfection can get you an even bigger discount. As with other larger purchases, there are certain times you can find bigger discounts. Holidays such as Memorial Day, Fourth of July, Labor Day, etc. are good times to find appliance sales and other incentives. Similar to vehicles, when new models hit the market, discounts can be found on older model appliances as retailers look to make space for newer models
A Home Equity Loan can help you upgrade kitchen appliances & remodel
Choice One Credit Union offers a low fixed-rate home equity loan that can be applied for easily right online. Whether you’re completing an extensive remodel or just upgrading your appliances, you can tap into the equity of your home and take advantage of a low fixed rate at Choice One. If your home renovation is spread out over time, a Choice One Home Equity Line of Credit (HELOC) might be a better option. Another option to fund your remodel goals is a cash-out mortgage refinance. Learn more by reading our blog “Renovate with a Cash-Out Mortgage Refinance.”